SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED].
For the fiscal year ended December 31, 1994
OR
[ ] TRANSACTION REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE
REQUIRED].
For the transition period from __________ to __________
Commission File Number 1-9839
A. Full title of the plan and the address of the
plan, if different from that of the issuer named below:
FIRST FIDELITY BANCORPORATION
SAVINGS PLAN
B. Name of issuer of the securities held pursuant to
the plan and the address of its principal executive offices:
FIRST FIDELITY BANCORPORATION
550 Broad Street
Newark, New Jersey 07102
123 South Broad Street
Philadelphia, Pennsylvania 19109
(a) The following financial statements and reports,
which have been prepared pursuant to the requirements of the
Employee Retirement Income Security Act of 1974, are filed as of
part of this Annual Report on Form 11-K:
First Fidelity Bancorporation Savings Plan:
Report of Independent Public
Accountants.
Financial Statements:
Statements of Net Assets Available for
Benefits as of December 31, 1994
and December 31, 1993.
Statement of Changes in Net Assets
Available for Benefits for the
Years Ended December 31, 1994, 1993 and 1992.
Notes to Financial Statements.
Supplemental Schedules:
Schedule of Assets Held for Investment
Purposes (Item 27a) as of December 31, 1994.
Schedule of Reportable Transactions (Item 27d)
for the Year Ended December 31, 1994.
(b) The following Exhibit is filed as of part of this
Annual Report on Form 11-K:
(i) Consent of KPMG Peat Marwick LLP.
FIRST FIDELITY BANCORPORATION
SAVINGS PLAN
Financial Statements and Supplementary Schedules
December 31, 1994, 1993, and 1992
(With Independent Auditors' Report Thereon)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Table of Contents
December 31, 1994, 1993, and 1992
_________________________________________________________________
Page
Independent Auditors' Report...................................5
Financial Statements:
Statements of Net Assets Available for Benefits,
December 31, 1994 and 1993...........................6-17
Statements of Changes in Net Assets Available for
Benefits, Years ended December 31, 1994,
1993, and 1992......................................18-27
Notes to Financial Statements.................................28-42
Schedules
1 Assets Held for Investment Purposes (Item 27a),
December 31,1994..............................43-45
2 Reportable Transactions (Item 27d), Year ended
December 31,1994..............................46-48
_________________________________________________________________
KMPG Peat Marwick LLP
345 Park Avenue
New York, NY 10154
Independent Auditors' Report
Board of Directors
First Fidelity Bancorporation:
We have audited the accompanying statements of net assets
available for benefits of the First Fidelity Bancorporation Savings Plan as
of December 31, 1994 and 1993, and the related statements of
changes in net assets available for benefits for each of the
years in the three-year period ended December 31, 1994. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets available for
benefits of the First Fidelity Bancorporation Savings Plan as of
December 31, 1994 and 1993, and the changes in net assets
available for benefits for each of the years in the three-year period ended
December 31, 1994 in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information included in Schedules 1 and 2 is presented for the
purpose of additional analysis and is not a required part of the
basic financial statements, but is supplementary information
required by the Department of Labor's (DOL) Rules and Regulations
for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. Such supplementary information has been
subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated
in all material respects in relation to the basic financial
statements taken as a whole.
KPMG Peat Marwick LLP
New York, New York
June 9, 1995, except for Note 8, which is as of June 18, 1995
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Net Assets Available for Benefits
December 31, 1994
_____________________________________________________________________
Trust Funds
--------------------
Growth FFB
Equity Stock
Balanced Fund Common
Assets Total Fund Fund
Investments, at fair value:
First Fidelity Bancorporation:
Preferred stock $ 4,196,927 -- --
Common stock 67,110,860 -- -- 67,110,860
Lexicon Fixed Income Fund 24,414,692 397,301 -- --
Lexicon Capital
Appreciation Equity Fund 44,010,732 347,096 43,663,636 --
Lexicon Cash Management
Fund 18,084,818 278,530 112,257 223,280
Lexicon Select Value 2,981,135 362,589 -- --
Lexicon Intermediate Term
Government 395,998 395,998 -- --
Lexicon Small Company Growth 75,466 75,466 -- --
- -----------------------------------------------------------------
161,270,628 1,856,980 43,775,893 67,334,140
Deposits with insurance
companies,at contract
value 99,400,000 -- -- --
- ----------------------------------------------------------------------
Total investments 260,670,628 1,856,980 43,775,893 67,334,140
Cash (overdraft) 2,663,143 146,931 318,249 314,855
Participants' promissory
notes 6,657,776 -- -- --
Accrued dividends and
interest receivable 16,830,939 245 188 1,293
Contributions receivable
(payable) (2,185) 2,042 (6,000) 7,895
Interfund receivables 68,867 -- -- 68,551
- -----------------------------------------------------------------
Total assets 286,889,168 2,006,198 44,088,330 67,726,734
- -----------------------------------------------------------------
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Net Assets Available for Benefits
December 31, 1994
______________________________________________________________________
Trust Funds
---------------------
Bond Principal
Fund Preservation Participant
Fund Notes
Assets
Investments, at fair value:
First Fidelity Bancorporation:$
Preferred stock -- -- --
Common stock -- -- --
Lexicon Fixed Income Fund 24,017,391 -- --
Lexicon Capital
Appreciation Equity Fund -- -- --
Lexicon Cash Management Fund 229,180 17,217,703 --
Lexicon Select Value -- -- --
Lexicon Intermediate Term Government -- -- --
Lexicon Small Company Growth -- -- --
- -------------------------------------------------------------------------
24,246,571 17,217,703 --
Deposits with insurance
companies, at contract value -- 99,400,000 --
- ----------------------------------------------------------------------
Total investments 24,246,571 116,617,703 --
Cash (overdraft) (95,801) 1,488,154
Participants' promissory notes -- -- 6,657,776
Accrued dividends and interest
receivable 184 16,764,193 --
Contributions receivable
(payable) (9,405) 1,580 --
Interfund receivables -- -- --
- ----------------------------------------------------------------------
Total assets 24,141,549 134,871,630 6,657,776
- ----------------------------------------------------------------------
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Net Assets Available for Benefits
December 31, 1994
______________________________________________________________________
Trust Funds
------------------
FFB Series B Value
Preferred Equity Fund
Stock Fund
Assets
Investments, at fair value:
First Fidelity Bancorporation:
Preferred stock $ 4,196,927 --
Common stock -- --
Lexicon Fixed Income Fund -- --
Lexicon Capital
Appreciation Equity Fund -- --
Lexicon Cash Management Fund 22,658 1,210
Lexicon Select Value -- 2,618,546
Lexicon Intermediate Term Government -- --
Lexicon Small Company Growth -- --
- ----------------------------------------------------------------------
4,219,585 2,619,756
Deposits with insurance
companies, at contract value -- --
- ----------------------------------------------------------------------
Total investments 4,219,585 2,619,756
Cash (overdraft) (36,441) 527,196
Participants' promissory notes -- --
Accrued dividends and
interest receivable 64,776 60
Contributions receivable
(payable) -- 1,703
Interfund receivables 316 --
- ----------------------------------------------------------------------
Total assets 4,248,236 3,148,715
- ----------------------------------------------------------------------
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Net Assets Available for Benefits,
December 31, 1994 Continued
______________________________________________________________________
Trust Funds
-----------------------
Growth FFB
Balanced Equity Common
Total Fund Fund Stock Fund
Due to employer for
forfeitures $ 69,323 2,295 15,900 17,008
Interfund payables 68,867 18,526 11,059 --
- ----------------------------------------------------------------------
Total Liabilities 138,190 20,821 26,959 17,008
- ----------------------------------------------------------------------
Net assets available
for benefits $ 286,750,978 1,985,377 44,061,371 67,709,726
- ----------------------------------------------------------------------
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Net Assets Available for Benefits,
December 31, 1994 Continued
______________________________________________________________________
Trust Funds
------------------------------------
Principal
Bond Preservation Participant
Fund Fund Notes
Liabilities
Due to employer
for forfeitures 18,211 12,393 --
Interfund payables 7,653 13,900 --
- ----------------------------------------------------------------------
Total liabilities 25,864 26,293 --
- ----------------------------------------------------------------------
Net assets available
for benefits 24,115,685 134,845,337 6,657,776
- ----------------------------------------------------------------------
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Net Assets Available for Benefits,
December 31, 1994 Continued
______________________________________________________________________
Trust Funds
-------------------
FFB Series B Value
Preferred Equity
Stock Fund Fund
Liabilities
Due to employer for
forfeitures -- 3,516
Interfund payables -- 17,729
- ----------------------------------------------------------------------
Total Liabilities -- 21,245
- ----------------------------------------------------------------------
Net assets available
for benefits 4,248,236 3,127,470
- ----------------------------------------------------------------------
See accompanying notes to financial statements.
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Net Assets Available for Benefits
December 31, 1993
______________________________________________________________________
Trust Funds
--------------------
Growth FFB
Balanced Equity Common
Assets Total Fund Fund Stock Fund
- --------------------------------------------------------------------------
Investments, at fair value:
Employee Benefit Short Term
Fund of First Fidelity
Bank, National Association $258,818 -- 6,346 --
Investment contracts
with banks 9,500,000 -- -- --
First Fidelity Bancorporation:
Preferred stock 4,406,436 -- -- --
Common stock 60,451,735 -- -- 60,451,735
Lexicon Fixed Income Fund 24,787,696 -- -- --
Lexicon Capital
Appreciation Equity Fund 46,806,361 -- 46,806,361 --
Lexicon Cash Management Fund 15,635,540 -- -- 150,106
- ----------------------------------------------------------------------
161,846,586 -- 46,812,707 60,601,841
Deposits with insurance
companies,at contract value 79,100,000 -- -- --
- ----------------------------------------------------------------------
Total investments 240,946,586 --46,812,707 60,601,841
Participants' promissory notes 5,879,566 -- -- --
Accrued dividends and
interest receivable 18,750,934 -- 108 633
Contributions receivable 6,153 1,176 (676)
Interfund receivables 7,153 -- 218 2,319
- ----------------------------------------------------------------------
Total assets 265,590,392 -- 46,814,209 60,604,117
- ----------------------------------------------------------------------
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Net Assets Available for Benefits
December 31, 1993
______________________________________________________________________
Trust Funds
-----------------------------
Bond Principal
Fund Preservation Participant
Fund Notes
Assets
Investments, at fair value:
Employee Benefit Short Term
Fund of First Fidelity
Bank, National Association $ 252,472 -- --
Investment contracts
with banks -- 9,500,000 --
First Fidelity Bancorporation:
Preferred stock -- -- --
Common stock -- -- --
Lexicon Fixed Income Fund 24,787,696 -- --
Lexicon Capital
Appreciation Equity Fund -- -- --
Lexicon Cash Management Fund -- 15,471,400 --
- ----------------------------------------------------------------------
25,040,168 24,971,400 --
Deposits with insurance
companies, at contract value -- 79,100,000 --
- ----------------------------------------------------------------------
Total investments 25,040,168 104,071,400 --
Participants' promissory notes -- -- 5,879,566
Accrued dividends and interest 137 18,684,231 --
Contributions receivable (278) 5,931 --
Interfund receivables 4,616 -- --
- ----------------------------------------------------------------------
Total assets 25,044,643 122,761,562 5,879,566
- ----------------------------------------------------------------------
(continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Net Assets Available for Benefits
December 31, 1993
______________________________________________________________________
Trust Funds
----------------
FFB Series B Value
Preferred Equity Fund
Stock Fund
Assets
Investments, at fair value:
Employee Benefit Short Term
Fund of First Fidelity
Bank, National Association $ -- --
Investment contracts
with banks -- --
First Fidelity Bancorporation:
Preferred stock 4,406,436 --
Common stock --
Lexicon Fixed Income Fund -- --
Lexicon Capital
Appreciation Equity Fund -- --
Lexicon Cash Management Fund 14,034 --
- ------------------------------------------------------------------
4,420,470 --
Deposits with insurance
companies, at contract value -- --
- ------------------------------------------------------------------
Total investments 4,420,470 --
Participants' promissory notes -- --
Accrued dividends and
interest receivable 65,825 --
Contributions receivable --
Interfund receivables -- --
- ------------------------------------------------------------------
Total assets 4,486,295 --
- ------------------------------------------------------------------
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Net Assets Available for Benefits, Continued
___________________________________________________________________
Trust Funds
-----------------------
Growth FFB
Balanced Equity Common
Total Fund Fund Stock Fund
Liabilities
Due to employer
for forfeitures $37,044 -- 6,696 6,412
Interfund payables 7,153 -- -- --
- ----------------------------------------------------------------------
Total Liabilities 44,197 -- 6,696 6,412
- ----------------------------------------------------------------------
Net assets available
for benefits $265,546,195 -- 46,807,513 60,597,705
- ----------------------------------------------------------------------
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Net Assets Available for Benefits, Continued
______________________________________________________________________
Trust Funds
------------------------------------
Principal
Bond Preservation Participant
Fund Fund Notes
Liabilities
Due to employer
for forfeitures 8,125 15,811 --
Interfund payables -- 7,153 --
- ----------------------------------------------------------------------
Total Liabilities 8,125 22,964 --
- ----------------------------------------------------------------------
Net assets available
for benefits 25,036,518 122,738,598 5,879,566
- ----------------------------------------------------------------------
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Net Assets Available for Benefits,
December, 1993 Continued
______________________________________________________________________
Trust Funds
--------------------------
FFB Series B Value Equity
Preferred Fund
Stock Fund
Liabilities
Due to employer
forfeitures for -- --
Interfund payables -- --
- ----------------------------------------------------------------------
Total Liabilities -- --
- ----------------------------------------------------------------------
Net assets available
for benefits 4,486,295 --
- ----------------------------------------------------------------------
See accompanying notes to financial statements.
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1994
______________________________________________________________________
Trust Funds
--------------------
Growth
Balanced Equity
Total Fund Fund
Additions to net assets
attributed to:
Investment Income:
Net (depreciation)
in fair value of
investments $ (7,204,053) (64,211) (3,782,882)
Interest and dividend income 15,101,941 68,326 1,474,034
- ----------------------------------------------------------------------
Total 7,897,888 4,115 (2,308,848)
- ----------------------------------------------------------------------
Participants' interfund
transfers, net -- 1,486,411 (4,469,851)
- ----------------------------------------------------------------------
Contributions:
Employer 13,472,399 156,027 3,131,307
Participants 17,304,543 257,869 3,943,194
- ----------------------------------------------------------------------
Total contributions 30,776,942 413,896 7,074,501
- ---------------------------------------------------------------------
Assets acquired
from other plans (note 4) 13,055,060 294,930 2,961,660
- ----------------------------------------------------------------------
Deductions - benefits paid to
participants (30,190,639) (213,170) (5,952,180)
Administrative fees (334,468) (805) (51,424)
- ----------------------------------------------------------------------
Net increase (decrease)
in net assets
available for benefits 21,204,783 1,985,377 (2,746,142)
Net assets available
for benefits:
Beginning of year 265,546,195 -- 46,807,513
- ----------------------------------------------------------------------
End of year $ 286,750,978 1,985,377 44,061,371
- ----------------------------------------------------------------------
See accompanying notes to financial statements.
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1994
______________________________________________________________________
Trust Funds
--------------------
FFB Principal
Common Bond Preservation
Stock Fund Fund Fund
Additions to net assets
attributed to:
Investment Income:
Net appreciation
in fair value of
investments $ (773,708) (2,328,922) (32)
Interest and dividend
income 2,458,126 1,492,336 9,169,608
- ----------------------------------------------------------------------
Total 1,684,418 (836,586) 9,169,576
- ----------------------------------------------------------------------
Participants' interfund
transfers, net 2,325,233 (2,565,798) 700,062
- ----------------------------------------------------------------------
Contributions:
Employer 2,661,720 1,658,703 5,591,844
Participants 3,217,431 2,263,538 7,184,616
- ----------------------------------------------------------------------
Total contributions 5,879,151 3,922,241 12,776,460
- ----------------------------------------------------------------------
Assets acquired
from other plans (note 4) 3,766,491 1,913,449 3,496,274
- ----------------------------------------------------------------------
Deductions - benefits paid to
participants (6,460,356) (3,322,570) (13,874,658)
Administrative fees (82,916) (31,569) (160,975)
- ----------------------------------------------------------------------
Net increase (decrease)
in net assets
available for benefits 7,112,021 (920,833) 12,106,739
Net assets available
for benefits:
Beginning of year 60,597,705 25,036,518 122,738,598
- ----------------------------------------------------------------------
End of year $ 67,709,726 24,115,685 134,845,337
- ----------------------------------------------------------------------
See accompanying notes to financial statements.
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1994
______________________________________________________________________
Trust Funds
--------------------
FFB
Series B Value
Participant Preferred Equity
Notes Stock Fund Fund
Additions to net assets
attributed to:
Investment Income:
Net appreciation
in fair value of investments -- (135,840) (118,458)
Interest and dividend income -- 261,714 177,797
- ----------------------------------------------------------------------
Total -- 125,874 59,339
- ----------------------------------------------------------------------
Participants' interfund
transfers, net 710,227 (107,984) 1,921,700
- ----------------------------------------------------------------------
Contributions:
Employer -- -- 272,798
Participants -- -- 437,895
- ----------------------------------------------------------------------
Total contributions -- -- 710,693
- ----------------------------------------------------------------------
Assets acquired
from other plans (note 4) 67,983 -- 554,273
- ----------------------------------------------------------------------
Deductions - benefits paid to
participants -- (250,286) (117,419)
Administrative fees -- (5,663) (1,116)
- ----------------------------------------------------------------------
Net increase (decrease)
in net assets
available for benefits 778,210 (238,059) 3,127,470
Net assets available
for benefits:
Beginning of year 5,879,566 4,486,295 --
- ----------------------------------------------------------------------
End of year $6,657,776 4,248,236 3,127,470
- ----------------------------------------------------------------------
See accompanying notes to financial statements.
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1993
______________________________________________________________________
Trust Funds
-------------------
Growth FFB
Balanced Equity Common
Total Fund Fund Stock
Fund
Additions to net assets
attributed to:
Investment Income:
Net appreciation
(depreciation)
in fair value of
investments $ 4,585,153 -- 1,705,841 2,129,960
Interest and dividend
income 14,120,325 -- 1,354,637 1,852,544
- ----------------------------------------------------------------------
Total 18,705,478 -- 3,060,478 3,982,504
- ----------------------------------------------------------------------
Participants' interfund
transfers, net -- -- (765,585) (3,092,878)
- ----------------------------------------------------------------------
Contributions:
Employer 11,282,493 -- 2,764,175 2,286,981
Participants 14,241,816 -- 3,428,974 3,001,148
- ----------------------------------------------------------------------
Total contributions 25,524,309 -- 6,193,149 5,288,129
- ----------------------------------------------------------------------
Assets acquired
from other plans
(note 4) 14,294,819 -- 2,890,375 3,202,181
- ----------------------------------------------------------------------
Deductions -
benefits paid to
participants (25,820,628) -- (4,052,467) (6,144,286)
Administrative
fees (310,659) -- (48,748) (75,693)
- ----------------------------------------------------------------------
Net increase (decrease)
in net assets
available for
benefits 32,393,319 -- 7,277,202 3,159,951
Net assets available
for benefits:
Beginning of year 233,152,876 -- 39,530,311 57,437,748
- ----------------------------------------------------------------------
End of year $265,546,195 -- 46,807,513 60,597,705
- ----------------------------------------------------------------------
See accompanying notes to financial statements.
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1993
______________________________________________________________________
Trust Fund
------------------------
Fixed Principal
Income Preservation Participant
Fund Fund Notes
Additions to net assets
attributed to:
Investment Income:
Net appreciation
(depreciation)
in fair value of investments 431,335 -- --
Interest and dividend income 1,643,352 8,979,998 --
- ----------------------------------------------------------------------
Total 2,074,687 8,979,998 --
- ----------------------------------------------------------------------
Participants' interfund
transfers, net 1,435,822 1,960,849 1,018,425
- ----------------------------------------------------------------------
Contributions:
Employer 875,493 5,355,844 --
Participants 1,488,091 6,323,603 --
- ----------------------------------------------------------------------
Total contributions 2,363,584 11,679,447 --
- ----------------------------------------------------------------------
Assets acquired
from other plans (note 4) 3,458,400 4,480,350 263,513
- ----------------------------------------------------------------------
Deductions - benefits paid to
participants (2,239,914) (12,639,535) --
Administrative fees (23,453) (156,451) --
- ---------------------------------------------------------------------
Net increase (decrease)
in net assets
available for benefits 7,069,126 14,304,658 1,281,938
Net assets available
for benefits:
Beginning of year 17,967,392 108,433,940 4,597,628
- ----------------------------------------------------------------------
End of year 25,036,518 122,738,598 5,879,566
- ----------------------------------------------------------------------
See accompanying notes to financial statements.
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1993
______________________________________________________________________
Trust Funds
-----------
FFB Series B Value
Preferred Equity
Stock Fund Fund
Additions to net assets
attributed to:
Investment Income:
Net appreciation
(depreciation)
in fair value of investments 318,017 --
Interest and dividend income 289,794 --
- ---------------------------------------------
607,811 --
- ---------------------------------------------
Participants' interfund
transfers, net (556,633) --
- ---------------------------------------------
Contributions:
Employer -- --
Participants -- --
- ---------------------------------------------
Total contributions -- --
- ---------------------------------------------
Assets acquired
from other plans (note 4) -- --
- ---------------------------------------------
Deductions - benefits paid to
participants (744,426) --
Administrative fees (6,314) --
- ---------------------------------------------
Net increase (decrease)
in net assets
available for benefits (699,562) --
Net assets available
for benefits:
Beginning of year 5,185,857 --
- -----------------------------------------------------------------------
End of year 4,486,295 --
- -----------------------------------------------------------------------
See accompanying notes to financial statements.
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1992
______________________________________________________________________
Trust Funds
--------------
Growth
Balanced Equity
Total Fund Fund
Additions to net assets
attributed to:
Investment Income:
Net appreciation (depreciation)
in fair value of
investments $ 18,104,430 -- 1,929,825
Interest and dividend income 12,904,286 -- 755,772
- ----------------------------------------------------------------------
Total 31,008,716 -- 2,685,597
- ----------------------------------------------------------------------
Participants' interfund
transfers, net -- -- 1,482,190
- ----------------------------------------------------------------------
Contributions:
Employer 9,704,545 -- 2,293,661
Participants 12,704,264 -- 3,003,399
- ----------------------------------------------------------------------
Total contributions 22,408,809 -- 5,297,060
- ----------------------------------------------------------------------
Deductions - benefits paid to
participants (19,743,356) -- (3,361,866)
Administrative fees (216,276) -- (41,939)
- ----------------------------------------------------------------------
Net increase (decrease)
in net assets
available for benefits 33,457,893 -- 6,061,042
Net assets available
for benefits:
Beginning of year 199,694,983 -- 33,469,269
- ----------------------------------------------------------------------
End of year $233,152,876 -- 39,530,311
- ----------------------------------------------------------------------
See accompanying notes to financial statements.
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1992
______________________________________________________________________
Trust Funds
------------
FFB
Common
Stock Fund
Additions to net assets
attributed to:
Investment Income:
Net appreciation (depreciation)
in fair value of investments 15,360,859
Interest and dividend income 1,652,796
- ---------------------------------------------
Total 17,013,655
- ---------------------------------------------
Participants' interfund
transfers, net (3,062,041)
- ---------------------------------------------
Contributions:
Employer 1,921,655
Participants 2,439,065
- ---------------------------------------------
Total contributions 4,360,720
- ---------------------------------------------
Deductions - benefits paid to
participants (4,380,092)
Administrative fees (39,017)
- ---------------------------------------------
Net increase (decrease)
in net assets
available for benefits 13,893,225
Net assets available
for benefits:
Beginning of year 43,544,523
- ---------------------------------------------
End of year 57,437,748
- ---------------------------------------------
See accompanying notes to financial statements.
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1992
______________________________________________________________________
Trust Funds
---------------------------------
Principal
Bond Preservation Loan
Fund Fund Fund
Additions to net assets
attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of investments (193,726) -- --
Interest and dividend income 1,536,754 8,571,975 17,170
- ----------------------------------------------------------------------
Total 1,343,028 8,571,975 17,170
- ----------------------------------------------------------------------
Participants' interfund
transfers, net 695,750 1,920,541 (764,499)
- ----------------------------------------------------------------------
Contributions:
Employer 276,430 5,212,799 --
Participants 491,391 6,770,409 --
- ----------------------------------------------------------------------
Total contributions 767,821 11,983,208 --
- ----------------------------------------------------------------------
Deductions - benefits paid to
participants (2,077,112) (9,315,419) (48,129)
Administrative fees (16,772) (104,939) (3,831)
- ----------------------------------------------------------------------
Net increase (decrease)
in net assets
available for benefits 712,715 13,055,366 (799,289)
Net assets available
for benefits:
Beginning of year 17,254,677 95,378,574 799,289
- ----------------------------------------------------------------------
End of year 17,967,392 108,433,940 --
- ----------------------------------------------------------------------
See accompanying notes to financial statements.
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1992
______________________________________________________________________
Trust Funds
-------------------------------------
FFB Series B
Prime Rate Participant Preferred
Loan Fund Notes Stock Fund
Additions to net assets
attributed to:
Investment Income:
Net appreciation (depreciation)
in fair value of investments -- -- 1,007,472
Interest and dividend income 34,715 -- 335,104
- ----------------------------------------------------------------------
Total 34,715 -- 1,342,576
- ----------------------------------------------------------------------
Participants' interfund
transfers, net (4,626,710) 4,597,628 (242,859)
- ----------------------------------------------------------------------
Contributions:
Employer -- -- --
Participants -- -- --
- ----------------------------------------------------------------------
Total contributions -- -- --
- ----------------------------------------------------------------------
Deductions - benefits paid to
participants (14,348) -- (546,390)
Administrative fees (7,100) -- (2,678)
- ----------------------------------------------------------------------
Net increase (decrease)
in net assets
available for benefits (4,613,443) 4,597,628 550,649
Net assets available
for benefits:
Beginning of year 4,613,443 -- 4,635,208
- ----------------------------------------------------------------------
End of year -- 4,597,628 5,185,857
- ----------------------------------------------------------------------
See accompanying notes to financial statements.
Trust Funds
-------------------------------------
Value
Equity
Fund
Additions to net assets
attributed to:
Investment Income:
Net appreciation (depreciation)
in fair --
value of investments --
Interest and dividend income
- ----------------------------------------------------------------------
Total --
- ----------------------------------------------------------------------
Participants' interfund
transfers, net --
- -----------------------------------------------------------------------
Contributions:
Employer --
Participants --
- ----------------------------------------------------------------------
Total contributions --
- ----------------------------------------------------------------------
Deductions - benefits paid to
participants --
Administrative fees
- ----------------------------------------------------------------------
Net increase (decrease)
in net assets
available for benefits
Net assets available
for benefits:
Beginning of year --
- ----------------------------------------------------------------------
End of year --
- ----------------------------------------------------------------------
See accompanying notes to financial statements.
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Notes to Financial Statements
December 31, 1994, 1993, and 1992
______________________________________________________________________
(1) Summary of Significant Accounting Policies
Organization The First Fidelity Bancorporation Savings Plan (the Plan) was
established for the benefit of the eligible employees of
First Fidelity Bancorporation (Bancorporation), a bank holding
company,and its subsidiaries. The Plan is intended to qualify as a
contributory thrift profit sharing plan in accordance with
the Employee Retirement Income Security Act of 1974 (ERISA) and
to meet the requirements of Sections 401(a) and 401(k) of the
Internal Revenue Code.
Descriptions of the Plan herein only provide general
information; participants should refer to the Plan agreement for a more
complete description of the Plan's provisions. The accompanying
financial statements have been prepared on the accrual basis and in
accordance with ERISA regulations.
Prior period amounts are reclassified when necessary to
conform with the current year's presentation.
Amounts contributed pursuant to the Plan are invested in one
or more of the investment funds further described below at the
election of, and in the proportions designated by, each participant. The
Plan and the related Trust Agreement provide that First Fidelity
Bank,N.A., a subsidiary of Bancorporation, act as the trustee
(the Trustee) with regard to the investment of all contributions
to the Plan and the administration of loans to participants. The
Trustee has invested certain assets of the Plan in mutual funds
(Lexicon Fixed Income Fund, Lexicon Capital Appreciation Equity Fund,
Lexicon Cash Management Fund, Lexicon Select Value Fund, Lexicon
Intermediate Term Government Fund, and Lexicon Small Company
Growth Fund) for which the Bancorporation acts as investment
advisor and custodian.
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Notes to Financial Statements
______________________________________________________________________
(1) Continued
Valuation of Investments
Investments in U.S. Government securities, commercial paper,
corporate bonds and notes, and preferred and common stocks
(including those issued by Bancorporation) are stated at approximate
fair values which are generally determined by reference to current quoted
market prices, or at cost plus accrued interest which
approximates the current market value of certain of the debt
instruments.
Investments in the common trust fund managed by the Trustee and in
other investment funds are stated at the fair values of the units of
participation in, or the shares issued by, the funds; such fair
values are generally based on the current quoted market prices or
other acceptable measures of fair value of the underlying assets of
the funds.
Deposits with insurance companies are carried at contract value,
which is equivalent to contributions made under each contract, plus
interest at the contract rate credited through the valuation date.
Securities Transactions
Securities transactions are recorded on the trade date (the date
purchased or sold). Gains and losses are based on the average cost
of securities sold. Dividend income is recorded on the ex-dividend
date; interest income is accounted for on the accrual basis.
Income Taxes
Bancorporation has obtained tax determination letters from the
Internal Revenue Service stating that the Plan is qualified under
the provisions of Section 401(a) and 401(k) of the Internal Revenue
Code.
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Notes to Financial Statements
______________________________________________________________________
(2) Continued
(2) Investment Programs
The Trustee is responsible for the management of the investment
funds described below to which contributions have been made by or on
behalf of the Plan participants and in which income earned has been
reinvested.
In 1994, the Bancorporation established two new funds: the
Balanced Fund and Value Equity Fund.
The Balanced Fund invests in a mix of fixed income and equity
securities. The fund is adjusted monthly to maintain a balance
within +- 5% of an equal amount of bonds and equities. Assets
which are allocated to fixed income securities are invested in the
Lexicon Fixed Income Fund and the Lexicon Intermediate Term
Government Fund. Assets which are allocated to equity securities
will initially be invested in a combination of mutual fund
portfolios, namely the Lexicon Capital Appreciation Fund, the
Select Value Fund, and the Small Company Growth Fund.
The Growth Equity Fund (formerly the Equity Fund) is currently
invested in the FFB Lexicon Capital Appreciation Equity Fund.
Investments consist of a diversified portfolio of common stocks
and other equity securities, such as preferred stocks,
convertible stocks and convertible bonds.
The FFB Common Stock Fund invests primarily in the common stock of
Bancorporation.
The Bond Fund (formerly called the Fixed Income Fund) is currently
invested in the FFB Lexicon Fixed Income Fund. Investments
include: savings or time deposits, U.S. Government or agency
obligations, commercial paper and other fixed income securities.
The Principal Preservation Fund may invest, directly or through
other trusts, primarily in interest-bearing accounts or
certificates of deposit in banks and savings and loan
associations, similar contracts issued by insurance companies,
repurchase agreements, and other interest-bearing investments that
guarantee a minimum rate of return and a return of principal.
Effective June 30, 1992, the existing cash and investments of the
Loan Fund and Prime Rate Loan Fund were transferred to the
investment fund of the participants' choice. All related
promissory notes are reflected in the participant notes column of
the financial statements. Loans to participants are secured by
their account balances. All new loans bear interest at a fixed
rate equal to specified Bancorporation prime rate. Loan
repayments are made directly to the investment fund to which the
most recent contribution election is made. The minimum amount of
each loan is
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Notes to Financial Statements
______________________________________________________________________
(2) Continued
$1,000 and the maximum amount is the lesser of specified percentages
of the participant's vested account balance or $50,000, reduced by
the highest outstanding loan balance from the Plan during the
preceding twelve months. Loan payments are made through payroll
deductions in equal installments over a period that may not exceed
five years from the date the loan was made.
Prior to June 30, 1992, the Loan Fund and the Prime Rate Loan Fund
held primarily installment notes receivable arising from loans to
participants. Interest on loans from the Loan Fund was charged at
a fixed rate, determined on the date of the loan, equal to 1% above
specified prime rates of the former Fidelity Bank, N.A. (now First
Fidelity Bank, National Association). Interest on loans from the
Prime Rate Loan Fund was charged at a variable rate equal to a
specified Bancorporation prime rate. Loan repayments on any
existing loans of the Loan Fund and Prime Rate Loan Fund were made
directly to the Loan Fund and Prime Rate Loan Fund.
The FFB Series B Preferred Stock Fund primarily holds shares of
Series B preferred stock of Bancorporation.
The Value Equity Fund is invested through the Lexicon Select Value
Fund. Investments primarily consist of common stock believed to be
undervalued. The remaining assets may be invested in preferred
stocks, securities or warrants convertible into common stock, and
debt securities.
Each of the investment funds may make temporary investments in U.S.
Treasury bills, certificates of deposit, and other interest-bearing
investments or in a common trust or other fund that invests in such
money market instruments.
Each participant must designate by written notice to the plan
administrator how the contributions for his or her account are to be
invested. Prior to April 1, 1994, the amount to be allocated to any
one fund was 25%, 50%, 75%, or 100% of the total contribution.
Effective April 1, 1994, the amount allocated to any one fund may be
in multiples of 5%. Subsequent to the initial designation, each
participant may transfer all or any whole percentage of his or her
interest in any one or more of the investment funds to any one or
more of the other investment funds once every three months.
Participants may not transfer directly from the Principal
Preservation Fund to the Bond Fund. "Dual Transfer," which involve
moving balances from the Principal Preservation Fund to any equity
fund while simultaneously transferring existing balances from the
same equity fund to the Fixed Income Fund, are also prohibited.
Transfer election must be made at least fifteen days prior to the
end of any month. The transfers will be made as of the end of the
month.
At December 31, 1994, there were 9,359 active participants in the
Plan.
(3) Contributions, Withdrawals, Allocations, and Forfeitures
Participants may elect to contribute from 2% to 6% of their base
salary to the Plan on a pre-tax basis for federal income tax
purposes, subject to limitations set forth in the Internal Revenue
Code which are adjusted annually (the maximum contribution in 1994
for most participants was $9,240). Pre-tax contributions are
matched by Bancorporation at the rate of $1 for each $1 of
contribution. Participants may also select to contribute an
additional 1% to 10% of their base salary to the Plan on a post-
tax basis. However, such contributions are not matched by
Bancorporation. Participants may elect to contribute 2% to 16% of
their base salary on a post-tax basis; however, such contributions
are not matched. Employee and any rollover contributions become
vested immediately. Bancorporation matching contributions become
fully vested after three years of employment or upon death,
retirement, or total disability of the participant. Participants
are generally not subject to federal or state income taxes on
Bancorporation's contributions to, or on income earned by, the
Plan until such time as benefits are distributed.
Participants are eligible to receive their vested interest in the
Plan upon retirement, death, total disability, or other
termination of employment. Individuals with less than five years
of participation in the Plan may withdraw amounts attributable
only to their after-tax and rollover contributions plus those
vested Bancorporation matching contributions which have been in
their account for at least two years. Individuals with five years
or more of participation in the Plan may take an in-service
withdrawal of amounts attributable to their after-tax and rollover
contributions plus vested employer matching contributions. In-
service withdrawals of after-tax and rollover contributions are
made without penalty. In-service non-hardship withdrawals of
vested Bancorporation matching contributions require a six-month
suspension of Bancorporation matching contributions. In-service
withdrawals of pre-tax contributions require a twelve-month
suspension of contributions and Bancorporation matching
contributions. In the event of financial hardship, as defined by
the Internal Revenue Service, participants may also withdraw up to
100% of their pre-tax contributions. When a participant's account
is paid out, either in the form of a withdrawal or distribution,
the tax-deferred portion of the account is subject to income tax,
and a possible additional 10% tax over and above regular taxes
due.
Each participant's account in each investment fund is credited or
charged with the participant's contributions, Bancorporation's
matching contributions, a proportionate share of earnings or
losses of the fund, interfund transfers, loan repayments, loans,
withdrawals, and eligible administrative expenses. Nonvested
benefits that are forfeited are applied to the reduction of
Bancorporation's obligation to match contributions or to offset
certain expenses not absorbed by the plan.
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Notes to Financial Statements
______________________________________________________________________
(4) Acquisitions
The following schedule is a summary of the assets
transferred to the Plan during 1994 from Bancorporation acquired entities'
savings plans:
Growth
Balanced Equity
Total Fund Fund
- -----------------------------------------------------------------------
Baltimore Bancorp $ 3,198,381 243,166 589,421
First Peoples
National Bank 142,938 13,397 8,294
Greenwich Financial
Corp. 15,927 2,192 559
Peoples Westchester
Savings Bank 9,292,554 -- 2,346,318
The Savings Bank
of Rockland County 405,260 36,175 17,068
- -----------------------------------------------------------------------
Total assets
transferred $ 13,055,060 294,930 2,961,660
(Continued)
FFB
Common Principal
Stock Bond Preservation
Fund Fund Fund
- -----------------------------------------------------------------------
Baltimore Bancorp 676,817 238,112 890,455
First Peoples
National Bank 2,857 33,848 81,318
Greenwich Financial
Corp. 564 7,548 4,500
Peoples Westchester
Savings Bank 3,054,412 1,544,540 2,347,284
The Savings Bank
of Rockland County 31,841 89,401 172,717
- -----------------------------------------------------------------------
Total assets
transferred $ 3,766,491 1,913,449 3,496,274
(Continued)
Value
Equity Participant
Fund Notes
- -----------------------------------------------------------------------
Baltimore Bancorp 528,406 32,004
First Peoples
National Bank 2,132 1,092
Greenwich Financial
Corp. 564 --
Peoples Westchester
Savings Bank -- --
The Savings Bank
of Rockland County 23,171 34,887
- -----------------------------------------------------------------------
Total assets
transferred $ 554,273 67,983
(5) Investments and loans to participants as of December 31, 1994 and 1993
are as follows:
1994
------------------------
Historical Approximate
cost fair value
Investments, at fair value:
Employee Benefit Short-term Trust
of First Fidelity Bank,
National Association (1) $ -- $ --
- ----------------------------------------------------------------------
Investment contracts with banks:
Bankers Trust Company contracts,
8.59%, 6/30/94 -- --
- ----------------------------------------------------------------------
First Fidelity Bancorporation
Series B Preferred Stock (2):
120,342 shares at 12/31/94;
122,401 shares at 12/31/93 3,008,550 4,196,927
- ----------------------------------------------------------------------
First Fidelity Bancorporation
Common Stock (2):
1,495,506 shares at 12/31/94;
1,328,610 shares at 12/31/93 48,846,971* 67,110,860*
- ----------------------------------------------------------------------
Mutual funds:
Lexicon Fixed Income Fund 25,973,375* 24,414,692*
Lexicon Capital Appreciation
Equity Fund 43,543,170* 44,010,732*
Lexicon Cash Management Fund 18,084,818* 18,084,818*
Lexicon Select Value Fund 3,113,238 2,981,135
Lexicon Intermediate Term
Government 405,958 395,998
Lexicon Small Company
Growth Fund 78,397 75,466
- ----------------------------------------------------------------------
Total mutual funds 91,198,956 89,962,841
- ----------------------------------------------------------------------
(Continued)
1993
------------------------
Historical Approximate
cost fair value
Investments, at fair value:
Employee Benefit Short-term Trust
of First Fidelity Bank,
National Association (1) $ 258,818 $ 258,818
- ----------------------------------------------------------------------
Investment contracts with banks:
Bankers Trust Company contracts,
8.59%, 6/30/94 9,500,000 9,500,000
- ----------------------------------------------------------------------
First Fidelity Bancorporation
Series B Preferred Stock (2):
120,342 shares at 12/31/94;
122,401 shares at 12/31/93 3,060,025 4,406,436
- ----------------------------------------------------------------------
First Fidelity Bancorporation
Common Stock (2):
1,495,506 shares at 12/31/94;
1,328,610 shares at 12/31/93 39,934,770* 60,451,735*
- ----------------------------------------------------------------------
Mutual funds:
Lexicon Fixed Income Fund 24,233,559* 24,787,696*
Lexicon Capital Appreciation
Equity Fund 41,910,299* 46,806,361*
Lexicon Cash Management Fund 15,635,540* 15,635,540*
Lexicon Select Value Fund -- --
Lexicon Intermediate Term
Government -- --
Lexicon Small Company
Growth Fund -- --
- ----------------------------------------------------------------------
Total mutual funds 81,779,398 87,229,597
- ----------------------------------------------------------------------
(Continued)
(5)
1994
- ----------------------------------------------------------------------
Historical Contract
Cost Value
- ----------------------------------------------------------------------
Investments, at contract value:
Deposits with insurance
companies (3):
Aetna Life Insurance Co.,
9.13%, 6/30/95 $ 10,000,000 10,000,000
Allstate Insurance Co.,
9.47%, 12/30/94 -- --
John Hancock Mutual -- --
Life Insurance Co.:
8.86%, 12/31/96 7,500,000 7,500,000
Metropolitan Life,
7.34%, 9/15/99 4,300,000 4,300,000
New York Life Insurance
Co., 5.62%, 9/1/98 5,000,000 5,000,000
4.55%, 12/31/96 4,000,000 4,000,000
Northwestern National Life
Insurance Co., 8.74%,
6/28/96 8,000,000 8,000,000
Peoples Security Life Ins
Co., 7.42%, 12/15/99; 5,000,000 5,000,000
5.55%, 3/16/98 5,000,000 5,000,000
Principal Mutual Life,
Insurance Co.
6.75%, 12/31/98 9,300,000 9,300,000
Protective Life Insurance,
7.39%,6/15/99; 5,000,000 5,000,000
5.9%, 3/1/99 6,000,000 6,000,000
Provident Life, 5.27%,
6/30/97 9,000,000 9,000,000
Provident National
Assurance Co.,
6.19%, 1/2/96 10,000,000 10,000,000
Prudential Insurance Co.
7%, 1/31/98 11,300,000 11,300,000
- ----------------------------------------------------------------------
Total deposits with
insurance companies 99,400,000 99,400,000
- ----------------------------------------------------------------------
Total investments $242,454,477 260,670,628
- ----------------------------------------------------------------------
Participants'
promissory notes $ 6,657,776 6,657,776
- ----------------------------------------------------------------------
* Exceeds 5% of net assets available for benefits of the Plan.
(5) Continued
1993
- ----------------------------------------------------------------------
Historical Contract
Cost Value
- ----------------------------------------------------------------------
Investments, at contract value:
Deposits with insurance
companies (3):
Aetna Life Insurance Co.,
9.13%, 6/30/95 $ 10,000,000 10,000,000
Allstate Insurance Co.,
9.47%, 12/30/94 10,000,000 10,000,000
John Hancock Mutual
Life Insurance Co.:
8.86%, 12/31/96 7,500,000 7,500,000
Metropolitan Life,
7.34%, 9/15/99 -- --
New York Life Insurance
Co., 5.62%, 9/1/98
4.55%, 12/31/96 4,000,000 4,000,000
Northwestern National Life
Insurance Co., 8.74%,
6/28/96 8,000,000 8,000,000
Peoples Security Life Ins.
Co., 7.42%, 12/15/99; -- --
5.55%, 3/16/98 -- --
Principal Mutual Life,
6.75%, 12/31/98 9,300,000 9,300,000
Protective Life Insurance,
7.39%, 6/15/99; -- --
5.9%, 3/1/99 -- --
Provident Life and
Accident Ins. Co., 5.27%,
6/30/97 9,000,000 9,000,000
Provident National
Assurance Co.,
6.19%, 1/2/96 10,000,000 10,000,000
Prudential Insurance Co.
7%, 1/31/98 11,300,000 11,300,000
- ----------------------------------------------------------------------
Total deposits with
insurance companies 79,100,000 79,100,000
- ----------------------------------------------------------------------
Total investments $213,633,011 240,946,586
- ----------------------------------------------------------------------
Participants'
promissory notes $ 5,879,566 5,879,566
- ----------------------------------------------------------------------
* Exceeds 5% of net assets available for benefits of the Plan.
(Continued)
(5) Continued
(1) Units are valued at $1 per unit. In 1993, purchases
totaled $19,014,734 and sales totaled $18,765,825. First
Fidelity Bank, N.A. liquidated the fund as of November 30, 1994.
(2) The shares were valued on the basis of the closing
Price on the New York Stock Exchange. In 1994, the Plan paid
$11,656,977 to purchase 260,488 shares of Bancorporation
common stock; received $3,367,112 from the sale of
74,665 shares of Bancorporation common stock that had been
purchased for $3,393,375; distributed 34,088 shares of
Bancorporation common stock at a carrying value of
$1,073,454; received $31,656 for the sale of 892 shares
of Series B preferred stock that had been purchased for
$32,122; and distributed 1,167 shares of Series B
preferred stock at a carrying value of $29,175. In 1993, the
Plan paid $4,797,339 to purchase 106,494 shares of
Bancorporation common stock; received $4,075,245 from the sale of
88,034 shares of Bancorporation common stock that had been
purchased for $3,879,050; distributed 38,486 shares of
Bancorporation common stock at a carrying value of
$974,695; received $621,121 from the sale of 16,548 shares of
Series B preferred stock that had been purchased for $562,632;
and distributed 8,503 shares of Series B preferred stock at
a carrying value of $212,575. All such purchases and
sales were made through registered brokers and dealers at
fair market value.
(3) Accrued interest on deposits with insurance contracts
aggregated $16,756,566 at December 31, 1994 and
$15,214,549, at December 31, 1993. Accrued interest on contracts
issued by banks aggregated $3,467,311 at December 31, 1993.
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Notes to Financial Statements
______________________________________________________________________
(5) Continued
The net appreciation (depreciation) in the fair value of
investments (including investments bought, sold, and held
during the year) by each fund for the years ended December 31,
1994, 1993, and 1992 is presented below:
1994
----------------------------------------------------------------------
Balanced Fund
Total Balanced Fund $ (64,211)
Growth Equity Fund:
Total Growth Equity Fund (3,782,882)
FFB Common Stock Fund:
Total FFB Common Stock Fund (773,708)
Bond Fund
Total Bond Fund (2,328,922)
Principal Preservation Fund:
Total Preservation Fund: (32)
FFB Series B Stock Fund:
Total FFB Series B Stock Fund (135,840)
Value Equity Fund
Total Value Equity Fund (118,458)
- ----------------------------------------------------------------------
Total $ (7,204,053)
- ----------------------------------------------------------------------
1993
- ----------------------------------------------------------------------
Growth Equity Fund:
Total Growth Equity Fund $ 1,705,841
FFB Common Stock Fund:
Total FFB Common Stock Fund 2,129,960
Bond Fund
Total Bond Fund 431,335
FFB Series B Stock Fund:
Total FFB Series B Stock Fund 318,017
- ----------------------------------------------------------------------
Total $ 4,585,153
- ----------------------------------------------------------------------
(Continued)
(Continued)
1992
- ----------------------------------------------------------------------
Growth Equity Fund:
Total Growth Equity Fund $ 1,929,825
FFB Common Stock Fund:
Total FFB Common Stock Fund 15,360,859
Bond Fund
Total Bond Fund
(193,726)
FFB Series B Stock Fund:
Total FFB Series B Stock Fund 1,007,472
- ----------------------------------------------------------------------
Total $18,104,430
- ----------------------------------------------------------------------
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Notes to Financial Statements
______________________________________________________________________
(6) Plan Termination
Although it has not expressed any intent to do so,
Bancorporation has the right under the Plan to discontinue its
contributions at any time and to terminate the Plan subject to the
provisions of ERISA. In the event of Plan termination, participants will
become 100% vested in their accounts.
(7) Distributions Payable
Distributions payable in the amount of $3,070,106 and
$4,442,749 for December 31, 1994 and 1993, respectively, are not
reflected as a liability on the statement of net assets available for
benefits but are required by the DOL to be reported as such
on the Form 5500.
(8) Merger Agreement
On June 18, 1995, Bancorporation entered into an agreement
and plan of merger with First Union Corporation, which provides,
among other things, for the merger of Bancorporation with
and into a wholly-owned subsidiary of First Union Corporation,
and the exchange of each outstanding share of Bancorporation
common stock for 1.35 shares of First Union Corporation common
stock.
Consummation of the merger is subject to regulatory and
stockholder approvals. The impact of the merger on the Plan
has not yet been determined.
FIRST FIDELITY BANCORPORATION SAVINGS PLAN
Schedule 1
Assets Held for Investment Purposes (Item 27a)
December 31, 1994
______________________________________________________________________
Principal
amount or
number of Historical Contract
shares cost value
Description of investment
- ----------------------------------------------------------------------
Contracts with insurance
companies, at contract value:
Aetna Life Ins. Co.
9.13%, 6/30/95 $10,000,000 10,000,000
John Hancock Mutual
Life Ins. Co. 8.86%,
due 12/31/96 7,500,000 7,500,000
Metropolitan Life Ins.
Co., 7.34%, due 9/15/99 4,300,000 4,3000,000
New York Life
Insurance Co.,
5.62%, due 9/1/98 5,000,000 5,000,000
New York Life
Insurance Co.,
4.55%, due 12/31/96 4,000,000 4,000,000
NorthWestern National
Life Insurance Co., 8.74%,
due 6/28/96 8,000,000 8,000,000
Peoples Security Life
Insurance Co.
7.42%, due 12/15/99 5,000,000 5,000,000
Peoples Security Life Ins.
Co., 5.55%, due 3/16/98 5,000,000 5,000,000
Principal Mutual Life,
6.75% due 12/31/98 9,300,000 9,300,000
Protective Life
Insurance Co.,
7.39%, due 6/15/99 5,000,000 5,000,000
Protective Life and
Accident Insurance Co.,
5.9%, due 3/1/99 6,000,000 6,000,000
Provident Life
and Accident
Insurance Co., 5.27%,
due 6/30/97 9,000,000 9,000,000
Provident National
Assurance Co.,
6.19%, due 12/31/95 10,000,000 10,000,000
Prudential Insurance Co.,
7%, due 1/31/98 11,300,000 11,300,000
- ----------------------------------------------------------------------
Total contracts with
insurance companies,
at contract value $99,400,000 99,400,000
- ----------------------------------------------------------------------
Principal
amount or
number of Historical Contract
shares Cost Value
- ---------------------------------------------------------------------
Mutual funds:
2,524,787 Lexicon Fixed
Income Fund* $ 25,973,375 24,414,692
4,128,586 Lexicon Capital
Appreciation Equity
Fund* 43,543,170 44,010,732
18,084,818 Lexicon Cash Management
Fund* 18,084,818 18,084,818
270,030 Lexicon Select Value
Fund* 3,113,238 2,981,135
40,867 Lexicon Intermediate
Term Government Fund* 405,958 395,998
6,943 Lexicon Small Company
Growth Fund* 78,397 75,466
- ---------------------------------------------------------------------
Total mutual funds $ 91,198,956 89,962,841
_____________________________________________________________________
Principal
amount or
number of Historical Contract
shares Description of investment Cost Value
- ---------------------------------------------------------------------
$ 120,342 First Fidelity Bancorporation
Series B preferred stock* 3,008,550 4,196,927
1,495,506 First Fidelity Bancorporation
common stock* 48,846,971 67,110,860
- ---------------------------------------------------------------------
Total other investments $ 51,855,521 71,307,787
_____________________________________________________________________
* Party in interest to the Plan.
See accompanying independent auditors' report.
FIRST FIDELITY BANCORPORATION SAVINGS PLAN Schedule 2
Reportable Transactions (Item 27d)
Year ended December 31, 1994
______________________________________________________________________
Identity of party involved Description of Asset
- ----------------------------------------------------------------------
Category(1) - single transaction in
excess of 5% of Plan assets
at January 1, 1994:
Lexicon Cash Management Fund* Shares of mutual fund
Lexicon Cash Management Fund* Shares of mutual fund
Lexicon Cash Management Fund* Shares of mutual fund
- ----------------------------------------------------------------------
Category(3) - Series of transactions
in excess of 5% of Plan assets
at January 1, 1994:
Lexicon Cash Management Fund* Shares of a mutual fund
Bankers Trust Investment Contract Investment contract
Allstate Investment Contract Investment contract
* Party in interest to the Plan.
See accompanying independent auditors' report.
- ---------------------------------------------------------------------
Purchase Selling/Termination
Identity of party involved price Price
- ---------------------------------------------------------------------
Category(1) - single transaction in
excess of 5% of Plan assets
at January 1, 1994:
Lexicon Cash Management Fund* $13,417,031 --
Lexicon Cash Management Fund* -- 15,000,000
Lexicon Cash Management Fund* 16,909,353 --
- ----------------------------------------------------------------------
Category(3) - Series of transactions
in excess of 5% of Plan assets
at January 1, 1994:
Lexicon Cash Management Fund* $88,026,824 --
-- 81,280,58
Bankers Trust Investment Contract -- 13,417,031
Allstate Investment Contract -- 16,909,354
- ----------------------------------------------------------------------
FIRST FIDELITY BANCORPORATION SAVINGS PLAN Schedule 2, Cont.
Reportable Transactions (Item 27d)
Year ended December 31, 1994
______________________________________________________________________
Current value
of asset on
Cost of transaction
Identity of party involved asset date
- ---------------------------------------------------------------------
Category(1) - single transaction in
excess of 5% of Plan assets
at January 1, 1994:
Lexicon Cash Management Fund* 13,417,031 13,417,031
Lexicon Cash Managememt Fund* 15,000,000 15,000,000
Lexicon Cash Management Fund* 16,909,353 16,909,353
- ----------------------------------------------------------------------
Category(3) - Series of transactions
in excess of 5% of Plan assets
at January 1, 1994:
Lexicon Cash Management Fund* 88,026,824 --
-- 81,280,258
Bankers Trust Investment Contract 13,417,031 13,417,031
Allstate Investment Contract 16,909,354 16,909,354
- ----------------------------------------------------------------------
* Party in interest to the Plan.
See accompanying auditors' report on supplementary information.
(Continued)
FIRST FIDELITY BANCORPORATION SAVINGS PLAN Schedule 2, Cont.
Reportable Transactions (Item 27d)
Year ended December 31, 1994
______________________________________________________________________
Net gain
Identity of party involved or (loss)
- ----------------------------------------------------------------------
Category(1) - single transaction in
excess of 5% of Plan assets
at January 1, 1994:
Lexicon Cash Management Fund* --
Lexicon Cash Management Fund* --
Lexicon Cash Management Fund* --
- ----------------------------------------------------------------------
Category(3) - Series of transactions
in excess of 5% of Plan assets
at January 1, 1994:
Lexicon Cash Management Fund* --
Bankers Trust Investment Contract --
Allstate Investment Contract --
- ----------------------------------------------------------------------
* Party in interest to the Plan.
See accompanying auditors' report on supplementary information.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities
Exchange Act of 1934, the trustees (or other persons who administer the
employee benefit plan) have duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly authorized.
FIRST FIDELITY BANCORPORATION
SAVINGS PLAN
By: /s/ WILLIAM KARMEN
WILLIAM KARMEN
Executive Vice President
Human Resources
First Fidelity Bancorporation
Dated: June 29, 1995
EXHIBIT INDEX
EXHIBIT NO. NAME
PAGE NO. 5
23(a) Consent of KPMG Peat Marwick LLP